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Board of Directors · Confidential

Halden, Inc.

Q2 2026 Board Update · Elena Marsh, CEO · July 9, 2026

Q2 Headline

Strongest net new ARR
since the Series B.

$1.1M net new ARR · up 31% over Q1 · $14.2M total ARR · up 38% YoY

The Numbers

Q2 at a glance

$14.2M

Total ARR

+38% YoY

121%

Net Rev Retention

+4 pts QoQ

142

Customers

+18 net

78%

Gross Margin

+2 pts QoQ

Go-to-Market

Enterprise is the
center of gravity.

Avg new-logo ACV rose from $58K → $74K. Three of four largest deals: companies with 1,000+ employees.

Q2 Logos

Three landmark wins

Brightline Logistics $310K ACV · displaced legacy procurement suite · reference-able

Meridian Health 2.4× expansion → $190K ARR · 3 additional BUs

Northwind Manufacturing $128K ACV · first deal fully sourced via partner channel

Watch Item

Sales cycle:
71 → 86 days.

Not stalling on price — stalling in security & procurement review. SOC 2 Type II refresh due August. Security questionnaire automation already cutting review time on active deals.

Product

Shipped in Q2

Approvals 2.0 conditional multi-stage routing · live with 60% of enterprise base

Native NetSuite Sync most-requested integration · unblocked Northwind

Anomaly Detection (beta) 11 design partners · flags out-of-policy spend · strong CFO signal

Team

61 → 68

Headline hire: Dana Okafor, VP Sales — built enterprise motion from $5M → $40M ARR at Series D fintech. Starts in three weeks. 2 AE requisitions still open.

Financial Position

Healthy runway · Series C question is timing, not necessity

$11.9M

Cash

19 mo

Runway

$640K

Net Burn / mo

1.1

Magic Number

At current trajectory — raise Series C from strength in Q1 2027, or open conversations in Q4 on a strong Q3.

Risks & Watch Items

Three things on our radar

Apex Foods renewal ($260K, Q3) — moderate risk after champion departure. CS + CEO engaged.

Rampart moving upmarket — we win on approvals depth; we lose on price in price-led deals.

Pipeline coverage adequate at 1.9× but skewed late-quarter — sales-cycle lengthening pressures Q3 linearity.

Asks for the Board

Four decisions

Approve 4 incremental hires — 2 AEs, 1 solutions engineer, 1 security lead

Intros to enterprise CFOs / VP Finance at portfolio companies (1,000+ employees)

Direction on Series C timing — Q4 2026 on a strong Q3, or hold for Q1 2027

Approve platform-fee-plus-usage pricing model for new enterprise logos, effective Q4

Questions

[email protected]

Board: Sam Patel (Corveline Ventures) · Nina Acharya (Foundry Park Capital) · Marcus Hale (independent)

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